Despite a slower than anticipated start to the year, activity picked up in May and June – the first back-to-back months with over $30B in proceeds since 2021.

Explore the key data points and takeaways that defined the first half of the year in our H1 2025 U.S. ECM Recap.

Key Highlights

• Including SPACs, 456 offerings raised $137B
• On a dollar-weighted basis, IPOs returned 27.2% from offer to first day close compared to 14.9% in 2024
• May marked the most active month of issuance in the first half of the year with 110 offerings raising $38B in proceeds
• Average weekly activity fell from 18 offerings in H12024 to 17 YTD, however, the weekly average in Q2’25 jumped to 20 offerings from 14 in Q1

Download the full report for 15 pages of charts, analysis and sector-level ECM trends from H1 2025.

Download the Recap today!